iHelp Student Loans Review
iHelp offers both student loans for those in college as well as refinancing for those who have left school. With this review you can learn more about iHelp's loans including the rates, terms, benefits, and downsides.
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What we like:
No graduation requirement
| Fixed APR | 3.25% – 6.50% |
| Variable APR | 4.77% – 9.77% |
| Loan Terms | 10, 15 or 20 years |
| Loan Amounts | $10,000 to $250,000 |
The Reunion Student Loan Finance Corporation, or RSLFC, operates iHelp Student Loans in partnership with the Independent Community Bankers of America (ICBA).
iHelp offers both private student loans for students in college and student loan refinancing for those that have graduated and want to save on repayment.
Here’s what you need to know if you want to refinance your student loans or get a private student loan through iHelp.
In this review:
Interest Rates
Interest rates for iHelp vary depending on the type of loan you want, the type of interest you choose, and your credit score.
With the fixed hybrid rate option, interest will stay fixed for the first five years, after which it will vary depending on the Quarterly Prime Rate.
In-School Private Student Loans
Here are the current interest rates for new in-school student loans:
- Variable Rates (APR): 4.36% to 8.88%
- Fixed Hybrid Rates (APR): 6.21% to 9.75%
Student Loan Refinancing
Here are the current interest rates for student loan refinancing:
- Variable Rates (APR): LIBOR + 2.50% to LIBOR + 7.50%
- Fixed Hybrid Rates (APR): 3.25% to 6.50%
- Fixed Rates (APR): 4.00% to 8.00%
Eligibility Requirements
Private student loans available through iHelp and its community bank network require the following from each borrower:
- Be a U.S. citizen or permanent resident
- Have two to three years of positive credit history
- Have an annual income of at least $24,000 for the previous two years
- Be of legal age in the state of residence
If a borrower is unable to meet these requirements alone, a cosigner may be added to the application to strengthen the chance of getting approved. Cosigners must have a debt-to-income ratio of no more than 45%, as well as meet the standard credit, residency, and income requirements.
Loan Amounts
Private Student Loans
Private student loans for in-school students must be no less than $1,000, and no more than $100,000 for undergraduate students and $150,000 for graduate students.
Student Loan Refinancing
For refinanced student loans through iHelp, borrowers must take out a minimum of $10,000. Maximum loan amounts for refinanced loans are $250,000 for undergraduate and graduate students.
Application Process
Borrowers – whether currently in school or already graduated – can submit an application to iHelp through its simple online process. Application details are then transmitted securely to a referral partner or participating bank network, where a decision is made for approval or denial.
Although the lender offering the in-school or refinanced student loan may differ from borrower to borrower, all student loans are serviced by RSLFC.
Repayment Options
Private Student Loans
For new private student loans, once approved, borrowers have three options for repayment while they are in school: interest-only payments, no payments, or full principal and interest payments.
After leaving school, borrowers have a repayment term length of 20 years but can pay off their student loans as early as they want as there is no prepayment penalty.
Student Loan Refinancing
For refinanced student loans with iHelp, borrowers have the choice between principal and interest payments, graduated payments, or interest-only payments for a 24-month period after taking out the new loan.
Borrowers can choose a repayment term of 10, 15, or 20 years. Like the in-school loan, there is also no prepayment penalty, so borrowers can pay off their loans as fast as they’d like.
What Are the Benefits of iHelp Student Loans?
Interest Rate Discount
Private student loans with iHelp come with a variety of benefits for borrowers, including a 0.30% interest rate reduction after the first 24 monthly payments are made on time. Continue to make on-time payments and the interest rate reduction remains in place.
Cosigner Release
Additionally, cosigners may be released after 24 months of on-time payments. Borrowers must be eligible to qualify for the loan on their own at that time, meaning they must meet the credit and income requirements on their own.
Financial Hardship Options
iHelp student loan borrowers also have deferment and forbearance options after graduation or after dropping down below part-time status in school. Loan payments may be deferred for students in school, and forbearance may be requested due to financial hardship, military service, or natural disasters.
Partial payments are also allowed for borrowers who qualify, for up to 24 months. There are no origination fees or application fees with iHelp refinance loans, and no prepayment penalties for early repayment.
What Are the Downsides of iHelp Student Loans?
Although there are many advantages to iHelp’s student loans, it is important for borrowers to understand the costs. The biggest downside of iHelp’s loans are that the rates are higher than many other lenders. This means that over the life of the loan, an iHelp borrower may pay more for his or her loan.
Another downside—specific to iHelp’s in-school private student loans—is that there are no fixed rates available. This is especially a problem for borrowers who want the peace of mind knowing that their rate will stay the same no matter what happens in the market.
Bottom Line
Overall, iHelp has lower credit and income requirements than many other private student loan and student loan refinance lenders, and they offer different repayment terms to fit borrowers’ needs.
Before applying for an in-school or refinance loan with iHelp, borrowers should take the time to consider the total cost of borrowing by way of the interest rate, as the current rates may be less cost-effective than what other private student loan lenders offer.
>> Read More: List of student loan companies
